Wednesday: FOMC Announcement, Existing Home Sales

Wednesday:
• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• During the day, The AIA's Architecture Billings Index for August (a leading indicator for commercial real estate).

• At 10:00 AM, Existing Home Sales for August from the National Association of Realtors (NAR). The consensus is for 5.48 million SAAR, up from 5.44 million in July. Housing economist Tom Lawler expects the NAR to report sales of 5.39 million SAAR for August.

• At 2:00 PM, FOMC Meeting Announcement. The FOMC is expected to announce the beginning of the process to reduce the Fed's balance sheet at this meeting.

• At 2:00 PM, FOMC Forecasts This will include the Federal Open Market Committee (FOMC) participants' projections of the appropriate target federal funds rate along with the quarterly economic projections.

• At 2:30 PM, Fed Chair Janet Yellen holds a press briefing following the FOMC announcement.